\begin{tabular}{l*{11}{c}} \toprule
                    &\multicolumn{5}{c}{Colombia}                                                                                      &\multicolumn{5}{c}{Finland}                                                                                       \\\cmidrule(lr){2-6}\cmidrule(lr){7-11}
                    &\multicolumn{1}{c}{(1)}&\multicolumn{1}{c}{(2)}&\multicolumn{1}{c}{(3)}&\multicolumn{1}{c}{(4)}&\multicolumn{1}{c}{(5)}&\multicolumn{1}{c}{(6)}&\multicolumn{1}{c}{(7)}&\multicolumn{1}{c}{(8)}&\multicolumn{1}{c}{(9)}&\multicolumn{1}{c}{(10)}\\
\midrule
\textbf{Panel A:} Running t+1&                      &                      &                      &                      &                      &                      &                      &                      &                      &                      \\
\addlinespace
Lottery             &                 0.141&                      &                      &                      &                      &                 0.011&                      &                      &                      &                      \\
                    &         [0.055,0.228]&                      &                      &                      &                      &        [-0.040,0.062]&                      &                      &                      &                      \\
\addlinespace
Conventional        &                      &                 0.199&                 0.199&                 0.193&                 0.188&                      &                 0.027&                 0.024&                 0.008&                -0.000\\
                    &                      &         [0.178,0.220]&         [0.178,0.221]&         [0.169,0.217]&         [0.163,0.212]&                      &         [0.004,0.049]&         [0.002,0.046]&        [-0.019,0.035]&        [-0.027,0.026]\\
\addlinespace
Robust              &                      &                 0.189&                 0.192&                 0.189&                 0.190&                      &                -0.004&                -0.020&                -0.024&                -0.017\\
                    &                      &         [0.160,0.219]&         [0.165,0.219]&         [0.154,0.225]&         [0.157,0.223]&                      &        [-0.040,0.032]&        [-0.049,0.010]&        [-0.063,0.015]&        [-0.056,0.023]\\
\midrule
\textit{N}          &                   463&                 45812&                 88944&                 31715&                 63086&                  1351&                 51357&                100561&                 34401&                 79847\\
Bandwidth           &                      &                  4.38&                  9.75&                  2.98&                  6.28&                      &                  1.48&                  3.50&                  1.05&                  2.37\\


\midrule
\textbf{Panel B:} Elected t+1&                      &                      &                      &                      &                      &                      &                      &                      &                      &                      \\
\addlinespace
Lottery             &                -0.030&                      &                      &                      &                      &                 0.004&                      &                      &                      &                      \\
                    &        [-0.097,0.037]&                      &                      &                      &                      &        [-0.044,0.053]&                      &                      &                      &                      \\
\addlinespace
Conventional        &                      &                 0.052&                 0.050&                 0.046&                 0.039&                      &                 0.070&                 0.111&                 0.056&                 0.067\\
                    &                      &         [0.034,0.069]&         [0.032,0.067]&         [0.025,0.067]&         [0.017,0.060]&                      &         [0.048,0.092]&         [0.090,0.132]&         [0.028,0.084]&         [0.044,0.089]\\
\addlinespace
Robust              &                      &                 0.040&                 0.034&                 0.037&                 0.042&                      &                 0.022&                 0.041&                -0.010&                 0.027\\
                    &                      &         [0.013,0.067]&         [0.010,0.058]&         [0.004,0.070]&         [0.013,0.072]&                      &        [-0.016,0.060]&         [0.016,0.066]&        [-0.059,0.039]&        [-0.003,0.058]\\
\midrule
\textit{N}          &                   463&                 34526&                 72163&                 23618&                 49302&                  1351&                 30664&                 99582&                 20350&                 78807\\
Bandwidth           &                      &                  3.25&                  7.38&                  2.21&                  4.75&                      &                  0.96&                  3.43&                  0.68&                  2.33\\
Bandwidth selector  &                      &                   MSE&                   MSE&                   CER&                   CER&                      &                   MSE&                   MSE&                   CER&                   CER\\
Polynomial          &                      &                Linear&             Quadratic&                Linear&             Quadratic&                      &                Linear&             Quadratic&                Linear&             Quadratic\\
\bottomrule \end{tabular}
